View Full Version : Property Banks are starting to rent properties in Tenerife
Went to our bank this morning and they are now starting to rent properties from 2 bedroom apartment 230 euros to a 4 bedroom house 355 euros, which you can turn into rent to buy if you wish,surely this will hit the property agents hard as no-one can rent as low except the banks to claw back their money?We are to viewing 3 house's 3 to 4 rooms and all in the 350 euros mark and a 2 bedroom apartment for 230 euros.
Its is surely a buyers and renters market at the minute worth a look in your bank i think.Plus you build up trust with the bank win win.
bonitatime
28-01-2013, 18:16
Which bank?
Which bank?
"La Caixa" is my bank but i will guess the rest will follow suit if not already doing it?
bonitatime
28-01-2013, 18:29
God I am surprised they could make any decision but I have been waiting for this. It seemed the only way they could go.
I think they have no option As no one has the money to buy and the amount of properties their have on their books must be huge and their are just happy to get some money back in,we will not complain and looking forward to seeing the houses this week,i guess no furniture but who knows and cares at them prices.
bonitatime
28-01-2013, 18:58
It sounds great
Went to our bank this morning and they are now starting to rent properties from 2 bedroom apartment 230 euros to a 4 bedroom house 355 euros, which you can turn into rent to buy if you wish,surely this will hit the property agents hard as no-one can rent as low except the banks to claw back their money?We are to viewing 3 house's 3 to 4 rooms and all in the 350 euros mark and a 2 bedroom apartment for 230 euros.
Its is surely a buyers and renters market at the minute worth a look in your bank i think.Plus you build up trust with the bank win win.
Do they have any for rent at Chayofa ?
Not sure i live in San isidro but they have them all over, best to pop in to your branch
Most of them are pretty low quality and in not so good areas...
La Caixa took on a ton of unwanted housing in August after the big merger so it along with Sabadell have quite a problem trying to offload their stock. The reason they cant sell it all is simple - its undesirable. If you look on their maps you will see the largest clumps of repossessions are in places like San Isidro, El Fraile, Silencio, Cabo Blanco, Parque de la Reina etc - basically the more downmarket places where lots of low wage Spanish and Latino families took out 100% plus mortgages to buy properties that they were happy to live in (usually the polar opposite of what expats and non-residents are looking for.)
Renting them out is not really the answer as they still appear on the balance sheet and the Bank of Spain are applying pressure to all banks to reduce their portfolios and increase their liquidity ratios - writing down the value continuously so they cannot hide their losses behind imaginary numbers. This is why they try and get people signed up to to rent to buy agreements, so they can mark the property as "pending a sale."
The best properties in the best areas sell in days - literally...!
HAHA all areas have a down side but you cannot class all their property as undesirable as you put it, we are looking at properties where the 3 bedroom house is where we are thinking of buying and i have to say its a lovely area of san isidro so you are so wrong about that part of san isidro, i cannot comment of the rest as you mentioned as i do not live in those areas and would save over 40k on the same house as i friend of ours has paid 165k just last year so again your wrong but the rest of your comment does not interest me as i do not care who and why but as long as i am saving 40k i really do not care,as i wouldn't live in a tourist area if you paid us.and sorry if this will hit your business but i think people will make up there own minds where they will live though i can see why you have made the negative comment as i am sure this will affect your company a bit except in those tourist areas.I think more bank will follow suit.
Most of them are pretty low quality and in not so good areas...
La Caixa took on a ton of unwanted housing in August after the big merger so it along with Sabadell have quite a problem trying to offload their stock. The reason they cant sell it all is simple - its undesirable. If you look on their maps you will see the largest clumps of repossessions are in places like San Isidro, El Fraile, Silencio, Cabo Blanco, Parque de la Reina etc - basically the more downmarket places where lots of low wage Spanish and Latino families took out 100% plus mortgages to buy properties that they were happy to live in (usually the polar opposite of what expats and non-residents are looking for.)
Renting them out is not really the answer as they still appear on the balance sheet and the Bank of Spain are applying pressure to all banks to reduce their portfolios and increase their liquidity ratios - writing down the value continuously so they cannot hide their losses behind imaginary numbers. This is why they try and get people signed up to to rent to buy agreements, so they can mark the property as "pending a sale."
The best properties in the best areas sell in days - literally...!
golf birdie
28-01-2013, 20:30
if the banks are giving houses away I would run a mile. Buy in an area where the banks are taking people at such low rents and you will soon see the kind of people moving in. Just my opinion.
The banks do not have rows of apartments or house in one street they are dotted around and the house we are looking at the house rarely come up as we have been looking in this area for over 2 years or so.i will be running ok. lol
at these rents youre guaranteed some lovely neighbours but the best of luck just remember the saying about gift horses
You sound like you are taking my comments a little personally - dont because they aren´t personal.
I sell bank repos... So it "hits" my company in a positive way.
The difference between our opinions is I am not a typical retail client looking at a website, I do this for a living and would like to think I am pretty well informed when it comes to the property market here and especially so when it comes to bank stock, distressed sales etc which I have specialised in for a good number of years.
I have a very good idea of what will really sell and for what price. Looking at the areas where most of these properties are and looking into how much the price per square metre of sold property (even list prices) has dropped over the past 5 years does seem to back up what I am saying.
I am sent just about everything the banks have and I list less than 1% of their stock. That is no exaggeration. Probably one in a hundred properties that I see are worth listing, the rest is junk and some of it I would class as worthless (as would several ratings agencies!)
Prices of this type of property will continue to fall. Supply completely outstrips demand and there is nothing on the horizon to change this. No Micro or macro economic factors are going to turn anything around in the short or medium term. Prices are only going one way in these towns / areas....
The resorts are a different matter altogether as are the more desirable areas because there is a constant demand (albeit much lower than previously) quality holiday homes in good locations and quality residential in nice areas for those looking to relocate.
As for San Isidro, I lived there for 3 months myself shortly after we moved to the South from the North so I know it pretty well. It is not for everyone and not a location I take on properties as demand is very low and its rather difficult to be enthusiastic about it when writing up a property listing. Same with the other places I mentioned.
But if its right for you then good luck and I hope you find what you´re looking for.
Marianne
28-01-2013, 20:41
doingok do you have a link for these rentals? Which bank are you talking about, please?
Edit oops, found your earlier reply. Thanks.
bonitatime
28-01-2013, 21:31
I think it depends on what you are looking for. The Caixa bank have properties on their and Caja Canarias books in areas that wouldn't appeal to the average Brits but may well appeal to others
We are looking to rent later this year in. Santa Cruz and finally I am not sure I care what the neighbourhood looks like as I am tired of commuting. I am looking for cheap and cheerful
I have a friend who just bought a furnished 2 bed in El Fraile a place on your bad list CIM he is perfectly happy there and as he paid 36,000 euros I think I would be too.
What you are looking for depends on who you are and your lifestyle. I actually like San Isidro, Buzanada and La Camella and would have no problem living in any of them. Adeje has umpteen cheap resales with La Caixa and Sabadell but is one of the expensive residential areas in the south. Banks as you say CIM are looking to move stuff off their books
KirstyJay
28-01-2013, 21:43
doingok do you have a link for these rentals? Which bank are you talking about, please?
Edit oops, found your earlier reply. Thanks.
Try www.idealista.com and www.servihabitat.com. Both have rentals and sales for repos and ex-bank financed new developments. :)
I think it depends on what you are looking for. The Caixa bank have properties on their and Caja Canarias books in areas that wouldn't appeal to the average Brits but may well appeal to others
We are looking to rent later this year in. Santa Cruz and finally I am not sure I care what the neighbourhood looks like as I am tired of commuting.We were considering looking for a cheap and cheerful apt. near the University to rent out to students... again, for this type of property you wouldn't be too bothered about its desirability, as I lived in some right ****holes when I was a student! :D
I still think the market's going to fall a whole lot more though... so I think we'll wait a bit :)
The fact of the matter is that the banks have lots of this stuff and they simply cannot sell it because it is undesirable in comparison to many other zones or just poor quality housing. This is the same all over Spain and is the reason there are so many properties left on the market - they cannot sell what nobody wants.
Adeje is huge - some parts are very expensive and some are dirt cheap - for the same reasons. When a bank gets desperate enough to rent out and deal with all of the hassle that brings you should start to get an idea of how bad some of the property is that they are holding. Renting properties out for peanuts to people who can only pay peanuts in the vain hope that some of these people might one day buy them is pretty much scraping the barrel for buyers.
They have taken junk property as security for billions of Euros worth of loans and now it is coming back to haunt them as the true value of these assets (or lack of) is starting to be realised.
If someone wants to spend 36,000€ on a 2 bed in El Fraile, then that's up to them but you get what you pay for in that neck of the woods and I wouldn't pay for it. You can give it a lick of paint, add some nice furniture and put some blinds up so you dont have to look outside but its still a dirt cheap 2 bed in El Fraile.
As they say, you cant polish a turd....
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Try www.idealista.com and www.servihabitat.com.
We were considering looking for a cheap and cheerful apt. near the University to rent out to students... again, for this type of property you wouldn't be too bothered about its desirability, as I lived in some right ****holes when I was a student! :D
Thats pretty much the best reason to buy them - maybe La Camella too for all the additional staff who will be working in the hospital and looking to rent close to work.
bonitatime
28-01-2013, 21:51
Not sure it really is no body wants, it is more nobody can afford. To many people are afraid to take the risk especially in the south where there is no job security.
I was talking about Adeje town not the whole parish. Perhaps you don't like it their either CIM.
Well we have been looking in this area like i have said for over 2 years and the properties have been selling for around the 165 euros + so a repo for a 40k less and professionals people live here and i do not know many people paying 165 euros for a house even in the tourist places so i guess so not run down in this area.
Marianne
28-01-2013, 22:44
Surely there is a huge difference between RENTING a bank repossession and BUYING?
Not sure it really is no body wants, it is more nobody can afford. To many people are afraid to take the risk especially in the south where there is no job security.
I was talking about Adeje town not the whole parish. Perhaps you don't like it their either CIM.
I wouldn't take on and market a lot of the apartments there that are on the market for peanuts. I quite like the place but not to live in - El Galeon is where demand is - not the middle of Adeje town.
If i wanted be next to brits and the like i would of just stayed in england lol
chifleta
28-01-2013, 23:26
at these rents youre guaranteed some lovely neighbours but the best of luck just remember the saying about gift horses
I can't totally agree with that comment.... if you live over here, you should know that if you're in an apartment, be it complex with pool or in a residential block of apartments, be it in a touristic area or a mixed nationality town/village like San Isidro or El Fraile or Galletas, or Parque de la Reina, you can NEVER guarantee what your neighbour will be like, be them tenants or owners.... i've had a huge variety of neighbours and even wider range of nationalities, some good, some horrendous specimens of the human being .... the most annoying neighbours are the ones with dogs LOL and the ones that like regetton music ughh .... sometimes you can't win.... but at the end of the day, unless you live on a 20,000sqm plot of land (my dream of dreams for when I win the lottery) then you just have to take pot luck on who your neighbour is, or will be from one month to the next...
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I think it depends on what you are looking for. The Caixa bank have properties on their and Caja Canarias books in areas that wouldn't appeal to the average Brits but may well appeal to others
We are looking to rent later this year in. Santa Cruz and finally I am not sure I care what the neighbourhood looks like as I am tired of commuting. I am looking for cheap and cheerful
I have a friend who just bought a furnished 2 bed in El Fraile a place on your bad list CIM he is perfectly happy there and as he paid 36,000 euros I think I would be too.
What you are looking for depends on who you are and your lifestyle. I actually like San Isidro, Buzanada and La Camella and would have no problem living in any of them. Adeje has umpteen cheap resales with La Caixa and Sabadell but is one of the expensive residential areas in the south. Banks as you say CIM are looking to move stuff off their books
i'd been looking at the caja canarias listings for a year or so now, and there are definately some bargains to be had... just a shame I haven't found a tiny finca/house with a huge plot of land (for me to be totally happy) and sea views (to keep OH happy) for under 50k yet :wink2::whistle::crylaughing:
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Try www.idealista.com and www.servihabitat.com. Both have rentals and sales for repos and ex-bank financed new developments. :)
We were considering looking for a cheap and cheerful apt. near the University to rent out to students... again, for this type of property you wouldn't be too bothered about its desirability, as I lived in some right ****holes when I was a student! :D
I still think the market's going to fall a whole lot more though... so I think we'll wait a bit :)
I even briefly considered doing that, only because my lad is hopefully going to the north to study next year for a couple of years, and thought, hmmm maybe if he lived there too and rented other rooms to colleagues, then I thought NOOOOOOOOOOOOOOOOOOOOO, he's too soft, he'd never make them clean up after themselves hehehe.... cheaper for me to give his nan some money and let him stay with his grandparents here hahaha
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If i wanted be next to brits and the like i would of just stayed in england lol
:c2::c2::c2: sounds like you should come and live in "turd like" El Fraile like I do then.... got some dirt cheap apartments for sale here.... the bank has just sold two repos in our block, and so far the new owners seem ok LOL we haven't been murdered in our beds yet .... and the jammy sods probably got the apartments for the price we paid back when they were built 13 years ago ...
Lol murdered we have heard of a few in Silencio but we like it in san isidro we could have our pick of apartments in LA, LC, in a complex with a pool but that is not what we are after at all, the point of coming to tenerife is to mix with the local people and most of it here is Spanish and we know the area will and know who s next door on both sides who are both business owner so not down and out people as you would call them.40k saved i can buy a nice boat for that to (if the wife lets me haha)
KirstyJay
29-01-2013, 09:15
the point of coming to tenerife is to mix with the local people and most of it here is SpanishIf that's what you're after, try looking in Guia de Isora too. There are loads of empty new builds that they are selling off cheap. It's got great connections to LA & LC (even better when the motorway is finished) and there's all sorts of amenities, such as the local gym and pool, etc. Traffic's usually a lot better up here too. :)
Cheers KirstyJay i will do we are looking at all the little town to, we went to guimar for they festival great little town.
timmylish
29-01-2013, 13:39
Mrs. T. bought an apt. here a couple of years ago (new build) and although the value has obviously dropped, we are here for the duration and not short term. buy, sell and quick profit etc.
San Isidro. Downside. Some parts are clearly the domain of South American type of resident. I don,t mind as I lived in London many years ago and the diversity of language and culture added to my enjoyment of living in London. Upside. Shops coming out of your ears!!!!! every type you would want from Mercadona and Lidl, Super So, and Hyper Trebol for groceries etc. Tyre fititng? Tons of choice and therefor competive. High Street shopping. Exactly as with a typical small UK town. Everything from key-cutting to Singer repair shops. Clothing from rock bottom type to better quality and in fact an example of most of the shops in PDLA are here as well. Clearly not the Nike designer shops or the Zara,s (although one or two are of a similar ilk). Cafes and bars till they are coming out of every orifice! Great opportunity to try every type of food available on Tenerife with the exception of an English type of Indian/Chinese. Similar but to a Spanish palet. Doctor surgeries both Private and Public. The town is a centre for Orthapaedic practicies. The choice is incredible. Plenty of "doggie walking" areas. Near to Medano beach which to some on here is a higher class sort of venue. 5 minutes from my apt.!
Now to the age old claim "Oh, its too far from LC or PDLA" Really? You live on the Golf and you have the cheeck to say that! San Isidro has 3 acess roads onto the TF1 going South and 2 going North. 15 minutes to both LC and PDLA. Less time than coming from the Golf and no, yes no 1 km traffic jam coming off at Las Chafiras. You just fly off at the exit you want with no delays. Oh! You mentioned flying? Well it takes 5, yes 5 minutes to and from the Reina Sofia Airport. 20 mintes to MediaMarkt and 30 to SC.
So, everyone has different ambitions but these are normally compliant on your finances. You want to live in LC but don,t have 130 k for a small apt. Since we moved in we have met with lovely Canarian families. An Argetinian. A Serb. A Cuban, a couple of Russian speaking families, 2 Chinese and a a couple of other Nationalities who, in the main are very considerate to their neighbours.
So, all in all. Pays yer dosh and take your decision, based on your financial situation and taking your time to ensure San Isidro meets your ambitions. That,s all. (Meet me in the San Isidro Information Centre beside the new , small and privately built villas being erected here).
chifleta
29-01-2013, 16:08
Lol murdered we have heard of a few in Silencio but we like it in san isidro we could have our pick of apartments in LA, LC, in a complex with a pool but that is not what we are after at all, the point of coming to tenerife is to mix with the local people and most of it here is Spanish and we know the area will and know who s next door on both sides who are both business owner so not down and out people as you would call them.40k saved i can buy a nice boat for that to (if the wife lets me haha)
Give me El Fraile any day over Silencio hahahaha....
Nahhh, don't buy a boat, go on a nice holiday somewhere... after all, this is home to you now, it's not the same as going away somewhere else hahahaha :)
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Mrs. T. bought an apt. here a couple of years ago (new build) and although the value has obviously dropped, we are here for the duration and not short term. buy, sell and quick profit etc.
San Isidro. Downside. Some parts are clearly the domain of South American type of resident. I don,t mind as I lived in London many years ago and the diversity of language and culture added to my enjoyment of living in London. Upside. Shops coming out of your ears!!!!! every type you would want from Mercadona and Lidl, Super So, and Hyper Trebol for groceries etc. Tyre fititng? Tons of choice and therefor competive. High Street shopping. Exactly as with a typical small UK town. Everything from key-cutting to Singer repair shops. Clothing from rock bottom type to better quality and in fact an example of most of the shops in PDLA are here as well. Clearly not the Nike designer shops or the Zara,s (although one or two are of a similar ilk). Cafes and bars till they are coming out of every orifice! Great opportunity to try every type of food available on Tenerife with the exception of an English type of Indian/Chinese. Similar but to a Spanish palet. Doctor surgeries both Private and Public. The town is a centre for Orthapaedic practicies. The choice is incredible. Plenty of "doggie walking" areas. Near to Medano beach which to some on here is a higher class sort of venue. 5 minutes from my apt.!
Now to the age old claim "Oh, its too far from LC or PDLA" Really? You live on the Golf and you have the cheeck to say that! San Isidro has 3 acess roads onto the TF1 going South and 2 going North. 15 minutes to both LC and PDLA. Less time than coming from the Golf and no, yes no 1 km traffic jam coming off at Las Chafiras. You just fly off at the exit you want with no delays. Oh! You mentioned flying? Well it takes 5, yes 5 minutes to and from the Reina Sofia Airport. 20 mintes to MediaMarkt and 30 to SC.
So, everyone has different ambitions but these are normally compliant on your finances. You want to live in LC but don,t have 130 k for a small apt. Since we moved in we have met with lovely Canarian families. An Argetinian. A Serb. A Cuban, a couple of Russian speaking families, 2 Chinese and a a couple of other Nationalities who, in the main are very considerate to their neighbours.
So, all in all. Pays yer dosh and take your decision, based on your financial situation and taking your time to ensure San Isidro meets your ambitions. That,s all. (Meet me in the San Isidro Information Centre beside the new , small and privately built villas being erected here).
hahaha i'm glad I read that to the very end... because I was going to say are you the new ambassador to San Isidro? hehehe ...
Mrs. T. bought an apt. here a couple of years ago (new build) and although the value has obviously dropped, we are here for the duration and not short term. buy, sell and quick profit etc.
San Isidro. Downside. Some parts are clearly the domain of South American type of resident. I don,t mind as I lived in London many years ago and the diversity of language and culture added to my enjoyment of living in London. Upside. Shops coming out of your ears!!!!! every type you would want from Mercadona and Lidl, Super So, and Hyper Trebol for groceries etc. Tyre fititng? Tons of choice and therefor competive. High Street shopping. Exactly as with a typical small UK town. Everything from key-cutting to Singer repair shops. Clothing from rock bottom type to better quality and in fact an example of most of the shops in PDLA are here as well. Clearly not the Nike designer shops or the Zara,s (although one or two are of a similar ilk). Cafes and bars till they are coming out of every orifice! Great opportunity to try every type of food available on Tenerife with the exception of an English type of Indian/Chinese. Similar but to a Spanish palet. Doctor surgeries both Private and Public. The town is a centre for Orthapaedic practicies. The choice is incredible. Plenty of "doggie walking" areas. Near to Medano beach which to some on here is a higher class sort of venue. 5 minutes from my apt.!
Now to the age old claim "Oh, its too far from LC or PDLA" Really? You live on the Golf and you have the cheeck to say that! San Isidro has 3 acess roads onto the TF1 going South and 2 going North. 15 minutes to both LC and PDLA. Less time than coming from the Golf and no, yes no 1 km traffic jam coming off at Las Chafiras. You just fly off at the exit you want with no delays. Oh! You mentioned flying? Well it takes 5, yes 5 minutes to and from the Reina Sofia Airport. 20 mintes to MediaMarkt and 30 to SC.
So, everyone has different ambitions but these are normally compliant on your finances. You want to live in LC but don,t have 130 k for a small apt. Since we moved in we have met with lovely Canarian families. An Argetinian. A Serb. A Cuban, a couple of Russian speaking families, 2 Chinese and a a couple of other Nationalities who, in the main are very considerate to their neighbours.
So, all in all. Pays yer dosh and take your decision, based on your financial situation and taking your time to ensure San Isidro meets your ambitions. That,s all. (Meet me in the San Isidro Information Centre beside the new , small and privately built villas being erected here).
Something we agree on lol
seanocelt
29-01-2013, 19:50
I had a trawl through the websites linked by Kirsty. Some bargains, a lot of desperation apparent from what i read. Still looks like more of a drop to come. I must save, there is a small temptation.
I think you are right and a lot more to be had.
would the banks be letting them legally:laugh:
boredinscotland
31-01-2013, 13:27
Had a look on sites from Kirsty,,,any one got more info on this development http://www.servihabitat.com/buying/home/sta-cruz-tenerife/isla-de-tenerife/fanabe/7390100
Had a look here a few years ago and prices were lot higher
They were around 240,000€ ish when they first came on the market. Dropped to around 200,000€ and then after the merger dropped to their current price. The bank will accept around 10,000€ less than that for them - but no more than that.
Its a decent price and they are in a good area but the complex is a bit soul-less, no pool, communal areas. This works for small complexes but doesn't work as well for bigger ones and I think there were around 60 or 70 in total, the best ones being the corner plots (all gone.)
The only real downside to the interiors is that they dont have fitted wardrobes in the bedrooms and once you add them, they are a bit on the pokey side. Still - good starter homes for young families and El Madronal is a very good residential area.
These are much more along the lines of what will sell and whats worth selling.
Paul, buy the boat!! please buy the bleeding boat!!!!!
Had a look on sites from Kirsty,,,any one got more info on this development http://www.servihabitat.com/buying/home/sta-cruz-tenerife/isla-de-tenerife/fanabe/7390100
Had a look here a few years ago and prices were lot higherare they the villas up by beirut road? we had a look up there a couple of years ago, we were shown round a complex i think it was fanabe oasis? but they wanted 500,000 euros for them!!! you would pay about £200,000 here in the uk, i know you can't really compare the uk with tenerife but still a bit pricey
boredinscotland
02-02-2013, 02:53
are they the villas up by beirut road? we had a look up there a couple of years ago, we were shown round a complex i think it was fanabe oasis? but they wanted 500,000 euros for them!!! you would pay about £200,000 here in the uk, i know you can't really compare the uk with tenerife but still a bit pricey
They are along from GranSur and turn right and go right up to the back, we looked at Los Almendros and Los Castanos, both were around 250K Euro for 2 bed apartments
timmylish
02-02-2013, 03:50
No disrespect to anyone who bought these apts. being refered to or, indeed, anyone who is considering buying. What a load of tosh, for the asking prices.
Just my opinion, of course!
bonitatime
02-02-2013, 08:32
I was looking yesterday at 3 bedroom apartments in Santa Cruz in a bad área but for 25,000€
There are complications but this is really cheap
They are along from GranSur and turn right and go right up to the back, we looked at Los Almendros and Los Castanos, both were around 250K Euro for 2 bed apartmentsyes we stopped and had a coffee there on the way round, i think el rodeo is there as well, and there is a beirut road just up from there which i thought was quite amusing as we use the term " it's like beruit round there" in a derogatory term:lol:
I have just been given a nice two bed in Los Castanos - ground floor, big terrace etc.
Very nice apartments and seems a really good, upmarket complex in a good area. But wow - its is pricey for a 2 bed isnt it?
And the community wont stick their hands in their pockets and pay to have a heated pool!
boredinscotland
04-02-2013, 09:32
No disrespect to anyone who bought these apts. being refered to or, indeed, anyone who is considering buying. What a load of tosh, for the asking prices.
Just my opinion, of course!
At this moment I think everything is overpriced and not worth buying, long term renting is a far better option
timmylish
04-02-2013, 13:49
At this moment I think everything is overpriced and not worth buying, long term renting is a far better option
Yea AND No!
Buying at a price which is less than the current renting prices seems to me a safe bet?
boredinscotland
04-02-2013, 21:53
Yea AND No!
Buying at a price which is less than the current renting prices seems to me a safe bet?
No such a thing as a safe bet, I recently sold on El Mirador for 155K Euro, long term rent is around 600 Euro a month,,7200 per annum, more than 21 years rent not including community and electric,,you stick your money in bank and get a measly 2.5% interest, pay your rent and you still have your dosh,,,that's a safer bet
timmylish
05-02-2013, 02:45
No such a thing as a safe bet, I recently sold on El Mirador for 155K Euro, long term rent is around 600 Euro a month,,7200 per annum, more than 21 years rent not including community and electric,,you stick your money in bank and get a measly 2.5% interest, pay your rent and you still have your dosh,,,that's a safer bet
All very well when you have little or no safety of tenure. Owner wants the apt. back so out you go! Furthermore, given the 21 years you refer to I still believe that if, like us, have no intention of leaving that HOME then, to me, that,s a safer bet.
seanocelt
05-02-2013, 04:07
No such a thing as a safe bet, I recently sold on El Mirador for 155K Euro, long term rent is around 600 Euro a month,,7200 per annum, more than 21 years rent not including community and electric,,you stick your money in bank and get a measly 2.5% interest, pay your rent and you still have your dosh,,,that's a safer bet
Perfect investment, well done.
boredinscotland
05-02-2013, 10:25
All very well when you have little or no safety of tenure. Owner wants the apt. back so out you go! Furthermore, given the 21 years you refer to I still believe that if, like us, have no intention of leaving that HOME then, to me, that,s a safer bet.
Fair enough Timmy, i believe nothing is forever and if you rent and fancy a change, it is easy to move on, not so easy to sell up and move on, plus with the taxes involved in buying and selling works out more expensive, each to their own I suppose
seanocelt
05-02-2013, 13:12
My pal just bought on El Mirador, no big discounts, it seems to be bucking the trend, prices falling elsewhere. I look on Milanuncios and see the same properties advertised daily , some for over a year, often with a new "lower" price. Still for sale. Used to be a few new ones added daily, now...pages of them. All over the island.
boredinscotland
05-02-2013, 14:52
Aye, champagne George Sean lol, I know both buyer and seller and was surprised seller dropped as I told him ages ago George was looking and he said he would not sell for that, could've saved both on fees if I knew earlier George was the buyer, bit far from Dubliner for him but can keep an eye on Tony.
seanocelt
05-02-2013, 17:43
we must ken each other? ;-)
the eternal question on here, should i buy or rent? it has to be down to individual choice and needs, there is no hard and fast rule. My first 7 years here I rented, partly as a single guy then met THE ONE. family arrived and priorities changed so we bought our 1st home. Did well and the island was kind to us so we invested in more.
Now retired and more than happy in my HOME, and considering what money in bank and invested returns I have to say that a conservattive 4% return nett of costs on rental is acceptable. I dont need or want to sell any really so am happy to sit and wait for the inevitable bounce back in 5 to 10 years, at that point the figures dramatically .alter. But you reach an age when you think "well that will do her or them when i´m gone"
Whatever anyone chooses and thats the word choice, then choose here over the UK, oh my, i´ve just opened another eternal question!!!lol
Wel I'm definatly not buying yet for the moment .
There are to mutch unsold and even unfinished property's standing all over the island (and the whole of Spain ) .
Yust have a drive arround and look whats finished and empty , and then the half build skeletons . . . .
The banks must still have massive lists of property's they are still holding on .
Banks are not lending and the future generations of buyers won't have the buying power .
I can wayt , and rent a while longer till I find the ideal property .
The rent has more than halved also since a few years back.
I think that renting is viewed by many an "they cannot afford to buy" which is crap, some of us rent for many reasons....
boredinscotland
05-02-2013, 20:55
Why else would Banks rent?????? property market is knackered that's why and will be for the foreseeable future. I must know you too Sean, been in a few pubs with Tony, but only known George for maybe a year, I'm not out as much now after selling the apartment but I will be back in the future to live
No such a thing as a safe bet, I recently sold on El Mirador for 155K Euro, long term rent is around 600 Euro a month,,7200 per annum, more than 21 years rent not including community and electric,,you stick your money in bank and get a measly 2.5% interest, pay your rent and you still have your dosh,,,that's a safer betapartments all over tenerife are selling for a lot less than they were a few years ago so you did well , for some reason the ones on el mirador always seem to hold their value, having said that although the president is a knob (in my opinion) it seems to be well run and is always immaculate, that's what keeps us coming back there year after year, and just booked another 4 weeks for may and october:wink:
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when we retire in maybe 8 years or 13 years(i havn't made my mind up yet lol) we could buy if we sold our property here in the uk, but we would have to downsize here and my wife is against it, i have made my mind up that i want to spend the rest of my days living in uk 6 months tenerife 6 months, but my wife is not so sure, i would go straight ahead and buy but she said why not long term rent for a few months and see how it goes, she said it might be different living there for that long as opposed to just holidaying there for a few weeks, mind you she has always been the sensible one:wink: sorry,that was in response to ticky's post
timmylish
05-02-2013, 23:25
I,ve got the perfect solution for you Marbro. You come out here in the Summer for 6 months and winter in the UK for the other. Meanwhile get the missus to do the opposite and everyone,s happy!
(Jist 'arvin' a larf' maybe?).
I,ve got the perfect solution for you Marbro. You come out here in the Summer for 6 months and winter in the UK for the other. Meanwhile get the missus to do the opposite and everyone,s happy!
(Jist 'arvin' a larf' maybe?).:lol: there are probably lots of hubby's that that situation would work mate:lol:, but with me it's different i actually love her to bits:wink:
apartments all over tenerife are selling for a lot less than they were a few years ago so you did well , for some reason the ones on el mirador always seem to hold their value, having said that although the president is a knob (in my opinion) it seems to be well run and is always immaculate, that's what keeps us coming back there year after year, and just booked another 4 weeks for may and october:wink:
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when we retire in maybe 8 years or 13 years(i havn't made my mind up yet lol) we could buy if we sold our property here in the uk, but we would have to downsize here and my wife is against it, i have made my mind up that i want to spend the rest of my days living in uk 6 months tenerife 6 months, but my wife is not so sure, i would go straight ahead and buy but she said why not long term rent for a few months and see how it goes, she said it might be different living there for that long as opposed to just holidaying there for a few weeks, mind you she has always been the sensible one:wink: sorry,that was in response to ticky's post
Your wife is the wise one Marbro8................good idea
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